Oil theft: Nigeria lost $2bn within 8 months – Senate


The Senate ad-hoc committee investigating oil theft and the impact on the production and nation’s revenues says Nigeria has lost two billion dollars to oil theft from January till date.

Nigeria’s crude oil production fell from 2.13 million barrels per day in January 2020 to 1.38 million in July 2022 with incessant oil theft and pipeline vandalism blamed for this.

The adhoc committee assigned to investigate this situation has recommended that online monitoring systems be deployed at flow stations and terminals to check movement of illegal vessels.

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